GBP/USD weak, rebounds from 1.4130

The sterling remains entrenched in the negative territory at the beginning of the week, with GBP/USD hovering over the 1.4160/65 band so far.

GBP/USD lower on risk-aversion

Riskier assets took a hit after the Doha meeting on Sunday yielded no agreement to freeze the oil production from OPEC and non-OPEC countries, sparking a wave of selling pressure across the board.

Absent releases in the UK calendar today, GBP will look for clues in the speech by Governor M.Carney tomorrow, UK’s labour market figures on Wednesday and Retail Sales on Thursday.

GBP/USD levels to consider

As of writing the pair is losing 0.30% at 1.4165 and a breakdown of 1.4004 (low Apr.6) would open the door to 1.3992 (23.6% Fibo of 1.3833-1.4517) and then 1.3833 (2016 low Feb.29). On the flip side, the initial hurdle aligns at 1.4208 (20-day sma) would open the door to 1.4253 (55-day sma) and finally 1.4346 (high Apr.12).